Austin, Tex.-based Silicon Labs (NASDAQ:SLAB) has a new Chief Financial Officer -- and a new President, too.
On Thursday, the "fabless" semiconductor company announced it has promoted vice president of business development John Hollister to the position of Chief Financial Officer. Effective June 30, he will assume this office, while the person currently serving as interim CFO, Bill Bock, will switch over to company President. Rounding out the day's changes, Silicon Labs also noted that it has promoted Lyn Herr to the position of vice president of worldwide human resources.
Simultaneously with these announcements, Silicon Labs reported, in a filing with the SEC, that it will be paying Bock an annual base salary of $375,000, plus:
- an annual bonus targeting 100% of base salary
- 35,000 restricted stock units (RSUs), each of which has the value of one share of common stock
- 25,000 market stock units (MSUs), the translation into value in terms of common stock shall be determined "based upon the performance of Silicon Laboratories' stock price relative to the Philadelphia Semiconductor Sector Total Return Index over a three year period commencing as of July 1, 2013"
Hollister will be paid a $300,000 annual salary, plus a bonus targeting 75% of salary, 15,000 RSUs, and 20,000 MSUs.
Herr's compensation was not disclosed.
Fool contributor Rich Smith has no position in any stocks mentioned. The Motley Fool recommends Silicon Laboratories. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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